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- US: H15 -0.49 2010-10-14 FRB Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis, inflation-indexed
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Trade (FTC)
- FTC Offers Sound Advice for People Considering Buying a Hearing AidMore than 35 million Americans suffer from some degree of hearing loss. […]
- FTC Offers Sound Advice for People Considering Buying a Hearing Aid
Commerce News
- Notice: Inquiry on Copyright Policy, Creativity, and Innovation in the Internet EconomyThe Department of Commerce's Internet Policy Task Force is conducting a comprehensive review of the relationship between the availability and protection of online copyrighted works and innovation in the Internet economy. Comments are due on or before November 19, 2010. (225 KB PDF file) […]
- Notice: Inquiry on Copyright Policy, Creativity, and Innovation in the Internet Economy
Small Business News
- Advocacy Comments on Proposed Energy Efficiency Test Procedures for Walk-in Coolers and FreezersOn October 12, 2010, the Office of Advocacy (Advocacy) filed public comments with the Department of Energy (DOE) regarding its proposed energy efficiency testing procedures for walk-in coolers and freezers. […]
- Advocacy Comments on Proposed Energy Efficiency Test Procedures for Walk-in Coolers and Freezers
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Cost Estimates
- S. 1684, Managing Arson Through Criminal History Act of 2010Cost estimate for the bill as reported by the Senate Committee on the Judiciary on July 22, 2010 […]
- S. 2919, Small Business Lending Enhancement Act of 2010Pay-as-you-go table for the bill as provided with an amendment to CBO on September 29, 2010 […]
- H.R. 4868, Housing Preservation and Tenant Protection Act of 2010Cost estimate for the bill as ordered reported by the House Committee on Financial Services on July 27, 2010 […]
- S. 1684, Managing Arson Through Criminal History Act of 2010
Banking
- OCC Enforcement ActionsThe Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. […]
- OCC Enforcement Actions
Corporate Loans
October 13, 2010, Alexandria, Va. – Using proceeds from selling performing assets of two formerly conserved corporate credit unions, the National Credit Union Administration yesterday repaid $10 billion plus interest to the U.S. Department of Treasury.
NCUA raised $9.5 billion by selling select assets from U.S. Central Federal Credit Union (U.S. Central) in Lenexa, Kansas, and Western Corporate Federal Credit Union (WesCorp) of San Dimas, California. These sales included securities backed by performing residential and commercial mortgages, credit card receivables, student loans and auto loans.
The proceeds allowed NCUA to repay a $10 billion loan from the Treasury to NCUA’s Central Liquidity Facility (CLF), which in 2009 transferred the $10 billion to the National Credit Union Share Insurance Fund (NCUSIF) in order to lend $5 billion each to U.S. Central and WesCorp. Those loans stabilized the two corporates while they were in conservatorship.
Future borrowings from the Treasury for corporate stabilization will be assigned to the Corporate Stabilization Fund.
“Paying off the $10 billion in loans clears the balance sheets of both the CLF and the Share Insurance Fund,” said NCUA Chairman Debbie Matz. “This is a significant first step in NCUA’s orderly corporate resolution process.”
National Credit Union Administration
1775 Duke Street
Alexandria, VA 22314-3428
www.ncua.gov
Media Contact: NCUA Office of Public & Congressional Affairs
Phone: (703) 518-6330
Email: pacamail@ncua.gov
The next step in the resolution is to begin securitizing cash flows from “legacy assets,” which are mostly impaired mortgage-backed securities from five corporates that currently are either in conservatorship or have been converted to asset management estates.
While the legacy assets will be transferred to securitization trusts, new securities matched to their cash flows will be sold in financial markets with an unconditional guarantee backed by the full faith and credit of the United States.
Starting this week, these NCUA Guaranteed Notes will be offered under the ticker symbol NGN. This initial offering is one of a series of similar transactions that NCUA intends to conduct in order to effect the corporate resolution plan.
“Since the NCUA Guaranteed Notes are backed by the federal government, similar to U.S. Treasury securities, these investments carry a zero risk weight and are permissible for credit unions,” said Chairman Matz.
NCUA is the independent federal agency that regulates, charters and supervises federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of over 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
THIS DOCUMENT IS BEING PROVIDED FOR INFORMATION PURPOSES ONLY, AND DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, SECURITIES. IT DOES NOT PURPORT TO BE ALL INCLUSIVE OR TO CONTAIN ALL OF THE INFORMATION THAT A PROSPECTIVE INVESTOR MAY REQUIRE TO MAKE A FULL ANALYSIS OF THE SECURITIES TRANSACTIONS REFERENCED HEREIN. THE INFORMATION CONTAINED HEREIN REGARDING SECURITIES TRANSACTIONS WILL BE SUPERSEDED, AND IS QUALIFIED IN ITS ENTIRETY, BY INFORMATION CONTAINED IN THE DEFINITIVE OFFERING DOCUMENTS FOR THE SECURITIES TRANSACTIONS. OFFERS OF SECURITIES WILL BE MADE ONLY THROUGH THE DELIVERY OF DEFINITIVE OFFERING DOCUMENTS FOR THE SECURITIES TRANSACTIONS AND IN ACCORDANCE WITH APPLICABLE SECURITIES LAWS.